June 10, 2008

Study indicates "middle class" underinsured

A new health insurance study finds; "middle class" families are underinsured and most vulnerable to medical bankruptcy.

In a recent study, the Commonwealth Fund reports that one in every five adults under age 65, or approximately 25 million Americans did not have sufficient health insurance to protect them from financial hardship. Despite having health insurance, these individuals were "underinsured" and after experiencing a serious medical condition or treatment, their out of pocket expenses averaged 10% of their income. (10% being the benchmark number to determine underinsured). These additional expenses were not only due to the higher cost of insurance premiums, but also combined with the growing number of health insurance plans that require patients to pay a higher percentage of their medical bills; usually through higher deductibles or patient co-payment charges.

The countries medical crisis continues with over 50 million people being uninsured and 25 million people underinsured. Both groups forgo routine health screenings and often do not take their prescriptions as needed or at all.

With the increasing number of online resources available to locate affordable health insurance, it is recommended that you compare your policy and plan features against your current insurance company offerings each 6 - 9 months. As more and more individuals receive online insurance quotes, insurance companies are updating their insurance portfolio's cycles more often to remain competitive.